The objective of the Gef Financing To Prepan Project is to enhance the capacity of the Congolese Institute for Nature Conservation (ICCN) for management of targeted protected areas.
... Exibir mais + This restructuring is being requested because, one of the components of the PREPAN project which consisted of putting in place a Trust Fund, FOCON (Fonds pour la Conservation de la nature) designed to finance Protected Areas activities in the DRC was seriously delayed. The process has been unusually complex, primarily because it took the government of the DRC more than three years to sign the decree authorizing its operationalization. It is only now that this has been accomplished and the fund is almost ready to receive its capitalization from the World Bank. The FOCON, which has been designed to operate as a Charity organization from the UK has selected Smith and Williamson as its Investment Manager. An Executive Director has been selected and an Operational Manual has been completed. However, the disbursement conditions for the capitalization need to be amended and the project closing date was recently extended by one year, until December 2019, to allow for the legal review to be properly completed and the respective legal amendment to be prepared and signed (see below). Also, importantly, the period until December 2019 would allow the project to provide funds to continue to cover the operating costs of FOCON in 2019 (notably the cost of the executive director) which are critical in the early start-up phase of similar endowment funds. By covering these costs, FOCON will not need to use its own revenues to cover its operating costs, allowing it to reinvest revenues from the endowment to build up its capital. The IDA grant funds were intended to cover the operational costs of FOCON and this is described in the IDA grant legal agreement.
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